The Senate on Thursday held a public hearing on the Bill for the establishment of Bitumen Development Commission of Nigeria.
The bill, sponsored by Senator Jimoh Ibrahim, representing Ondo South, is seeking to establish a commission to regulate the exploitation of bitumen in the country.
Thefrontrank reports that bitumen deposit is in large quantities in the South-West geo-political zone of the country.
The public hearing, chaired by Senator Ekong Sampson, Chairman, Senate Committee on Solid Minerals Development, had presentations from representatives of the ministries of Science, Technology and Innovation, Agriculture, Natural Resources, Justice, Solid Minerals; Parastatals, Boards and Agencies which mandate covers exploration, mining and Geoscience as well as host communities.
Speaking, Ibrahim noted that Nigeria was missing out in the $110 billion global bitumen market, pointing out that Ondo State has the highest deposit of bitumen in Africa and second largest bitumen deposit in the world with an estimated value of about $42 billion.
”The global in-place bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (938 billion metric); more than 80 percent of these resources are found in Canada, the US, Nigeria and Venezuela,” the Senator said.
Ibrahim added that Ondo South has under its soil bitumen that qualifies Nigeria to be in vantage position as a rich bitumen exporting country when exploration actively begins when the bill becomes an Act.
“The Nigeria case of bitumen is largely located at Agbabu, Ode-Irele, Igbotako, Ode Aye and Ajebandele as well as in Ogun, Lagos and Edo States,” he stated.
Ibrahim maintained that exploration and exportation of bitumen has both economic and financial gains as it will serve as an alternative to oil as the major financial revenue for Nigeria.
“Bitumen Development Commission of Nigeria will lead innovation and improved strategy of finance resource and it will be a good case of the impressive alternative revenue for Nigeria,” the Senator said.
Earlier, the Chairman of Senate Committee on Solid Minerals Development, Ekong Sampson representing Akwa Ibom South, thanked his colleague, Jimoh Ibrahim for sponsoring the bill.
“Nigeria is blessed with natural resources particularly 42 billion metric tonnes of untapped bitumen; therefore its exploration will put an end to bitumen importation and increase the GDP. This Hearing is to allow the input of all stakeholders,” Sampson said.
Sampson described the public hearing as a huge success and appreciated Ibrahim for ensuring that stakeholders from Ondo South were well represented, noting that it was one of the most attended public hearings of the 10th Senate so far.
Senator Adeniyi Adegbonmire representing Ondo Central, in his presentation expressed support for the bill, noting that Ondo State and Nigeria in general would benefit immensely from the exploration of bitumen.
The representative of Ondo State at the hearing, Engr. Rasak Obe, Commissioner for Energy and Mineral Resources said beyond the consideration for the benefits of the exportation of bitumen, further efforts should be made so as not to plunge the area of exploration into environmental challenge.
“Since Ondo State is not the only producing state, Board Chairman of the Commission should rotate among producing states while environmental impact assessment should be dutifully carried out,” Obe stated.
Among other stakeholders who made presentation at the hearing were Mrs.Cole Isiah Esuabana, Permanent Secretary Ministry of Innovation Science and Technology; Executive Secretary NEITI, Mrs Mokutima Ekpo; and Bola Odunayo, Representative of Federal Ministry of Justice.
Chief Henry Olatujoye, the Asoju Oba of Ikaleland and President Ode Aye Development Association ( FODA), said that the Bitumen Commission would put Ondo South on the global map and improve the lot of the people of the district.
